Thai Government Plans to Launch $150 Million Digital Investment Tokens
Finance/Investment

Thai Government Plans to Launch $150 Million Digital Investment Tokens

Thailand's Ministry of Finance will introduce its G-Token within two months to raise capital and potentially offer higher returns than traditional bank deposits.

Thailand’s Ministry of Finance is set to issue 5 billion baht (approximately $150 million) in digital investment tokens, known as the G-Token, within a two-month timeframe. This initiative aims to raise funds from the public and is part of a budget borrowing strategy.

Finance Minister Pichai Chunhavajira stated, “Investors will earn higher returns than banks’ deposits” during a briefing on Tuesday.

The offering is intended to ’test the market’, according to Chunhavajira, who also mentioned that it would allow investors to participate with a minimal cash investment.

In the current financial landscape, banks in Thailand are offering interest rates on deposits between 1.25% and 1.5%, which is below the central bank’s policy rate of 1.75%. This move reflects Thailand’s ongoing efforts to enhance its approach to cryptocurrency. Over the last year, the country has implemented a tax exemption for cryptocurrency earnings and has added stablecoins like USDC and USDT to its list of approved currencies for digital exchanges.

This article was originally reported by Bloomberg.

Next article

Telegram Takes Action Against Alleged $8 Billion Chinese Crypto Crime Marketplace in Colorado

Newsletter

Get the most talked about stories directly in your inbox

Every week we share the most relevant news in tech, culture, and entertainment. Join our community.

Your privacy is important to us. We promise not to send you spam!